Get ready to shout “Opa!”
Greek-yogurt giant Chobani is taking steps to become a publicly traded company.
The New Berlin, New York-based business announced it had filed a confidential draft registration statement with the U.S. Securities and Exchange Commission on Tuesday for a proposed underwritten public offering of common stock.
How many shares will be sold—and for how much—hasn’t been determined yet, according to Chobani.
Experts are estimating the company’s IPO could be valued at more than $10 billion, according to Reuters.
Hamdi Ulukaya founded Chobani—”shepherd” in Turkish—in 2005 with the help of a Small Business Administration loan, according to the company’s website. Today, in addition to yogurt, it produces oat milk, dairy and plant-based creamers, ready-to-drink coffee, and plant-based probiotic drinks.
Yogurt is a popular food item as Americans continue to focus on eating healthy. What was once thought of as a diet staple is now eaten for breakfast, lunch and snack in cups, pouches, and tubes, and dressed up to become more dessert-like or stripped of its milky origin to appeal to consumers who avoid dairy.
Yogurt sales in the U.S. now total $7.24 billion, compared to $5.6 billion in 2011, according to the market and consumer data company, Statista.
Oatly Group, a maker of vegan milk products based in Sweden, made its public debut on the Nasdaq in May, with shares rising more than 28% on its first day of trading.